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SS Cotterman test 1
SS cotterman test 1
| Question | Answer |
|---|---|
| GDP | Gross Domestic Product, amount of money made by a country domesticaly |
| GNP | Gross National Product, amount of money made by a country through domestic and foreign affairs |
| economy | The process by which goods and services are produced |
| monopoly | an individual corporation or trust with full control of a certain industry |
| supply | Amount of goods that are available |
| demand | Desire to acquire goods and services |
| currency | standardized money used as a medium of exchange |
| debt | something that is owed/due |
| managed economy | government intervention to manage the production of goods and services |
| Laissez Faire | economic ideology in which the government has no control of the economy |
| corporation | legal identity that is separate from its owners that possesses many of the same rights as its owners but limits the owners liability |
| economic cycle | the rise and fall of a nations economy over the course of a period of time |
| nativism | policies protecting native born inhabitants against immigrants |
| skyscraper | type of building built to increase square footage without taking up too much horizontal space |
| tenement | a room/rooms for separate residence in the same house |
| political machine | political organization within a political party that controls all activity in an entire city and were usually very corrupt |
| party boss | leader of a political party often holding a lot of power over the members of the party |
| graft | illegal use of political power/fraud |
| individualism | ideology of self-sufficency |
| social darwinism | ideology that richer citizens used as an excuse for the wealth. states that poorer people are poor because they are weak and wealthier people earned in through strength and deserve their wealth |
| philanthropy | the desire to promote the welfare of others via donations |
| settlement house | building in a city providing social services |
| americanization | making a character or thing of American nationality |
| populism | political philosophy that tries to sway the votes of ordinary people |
| greenbacks | slang for dollar bill |
| inflation | prices raising due to the increase in the amount of currency |
| graduated income tax | way of taxation in which tax percentages increase as your income increases |
| deflation | decrease in prices due to a loss in the amount of currency |
| cooperatives | democratic voters working together to benefit |
| poll tax | high taxes on voting polls meant to stop colored people from being able to vote |
| segregation | separation and unfair treatment of different races |
| Jim Crow laws | laws limiting the social powers of colored people |
| lynch | murder via mob for alleged offences without legal/proper trial |
| muckraker | reform-minded journalists who claimed to expose corruption |
| direct primary | a primary in which nominations are made directly |
| initiative | ability to initiate things independently |
| referendum | a vote on a decision that has been asked to a single person directly in order to control the outcome |
| recall | mass withdrawal of a product in its industry or person from office |
| suffrage | the right to vote |
| prohibition | the act of prohibiting something by law, in the case of the U.S., alcohol |
| arbitration | a form of settling disputes |
| insubordination | negligence in a working enviornment |
| income tax | taxation on the money citizens make |
| unfair trade practices | Unethical and immoral ways of obtaining a business |
| what is industrialization | the development of industries in a country or region |
| why did america industrialize | America industrialized due to rapid growth in immigration and rapid growth from farms to cities |
| What were america's natural resources during its rise of industry | Iron, Coal, Lumber, and Steel |
| why did factories move to cities | New factories had to be located near power and transportation which is most prevalent in more urban areas |
| entrepreneur | person who manages and organizes a business |
| Time zone | region in which a certain standardized time is used |
| land grant | gift of real estate |
| economies of scale | economical success due to the scale of the operation |
| industrial union | union formed between all workers in a certain industry |
| lockout | exclusion of employees from there place of work in order to get the companies needs met |
| injunction | authoritative warning |
| closed shop | a labor arrangement in which the employer must hire non unionized members |
| who are robber barons | robber barons are business owners who monopolize industries and became rich through ruthless practices |
| who was Andrew Carnegie | robber baron who monopolized the steel industry |
| who was John D. Rockefeller | robber baron who monopolized the oil industry |
| who are philanthropists | A person who donates time, money, or skills to help create a better world |
| What is the gospel of wealth | book written by Carnegie that argued that the ultra rich had a responsibility to be philanthropists |
| Trust | when multiple companies in a certain industry come together in order to monopolize that industry and split the liability on certain issues |
| what is vertical integration | process of acquiring business operation on every level in order to create a monopoly |
| what is horizontal integration | taking control of all business operations on the same level in order to create a monopoly |
| what is the purpose of a labor union | to give workers power so they can negotiate for better workers rights |
| what tactics did labor unions use | striking, picketing, boycotting |
| arbitration | resolving a dispute via the use of a 3rd party |
| what is progressivism | a way of thinking that focuses on social progress. It is a philosophical movement and political movement that is the idea that human beings improve as they progress over time |
| what are the goals of progressivism | protection of social welfare, promote moral movement, economic reform, fostering efficiency |
| who are Muckrakers | journalists who claimed to expose political and economic corruption |
| what did the 19th amendment do | gave women the right to vote |
| who wanted to bring about change in the progressive era | Christian organizations |
| what was the Sherman anti-trust act | it broke up many business monopolies to prevent price gouging |
| what is the 18th amendment | began prohibition of alcohol |
| what is the governments involvement in progressivism | the gov. expanded its role in the economy, leading to higher taxes and many citizens were given a larger say in government as well |
| what is the 17th amendment | allowed direct elections for senators |
| what is the 16th amendment | graduated income tax. wealthier people now needed to pay more on income tax in order to make everything equal |
| what was the pure food and drug act | upgraded health standards for food production and regulate the food industry |
| how did the government respond to laissez-faire policies | they expanded the role of the federal government in the economy which led to higher taxes |
| what was the federal trade commision | it investigated unfair business practices |
| what was the Clayton act | said that a business owner could be prosecuted for trying to create monopolies and that labor union strikes were legal |
| what were the progressive policies of Teddy Roosevelt | Roosevelt had a plan known as the square deal, this made the practice of sending federal troops to break up strikes illegal and instead sent in experts to break them up peacefully. He also would use the Sherman anti-trust act to break up many monopolies |
| what was the bull moose party | This progressive party was formed by Teddy Roosevelt after he lost the presidential nomination to Taft in 1912, he named it this stating that him and his plan were as sturdy as a bull moose and nothing would stand in his way |
| what was Woodrow Wilson's plan for progressivism | Wilson named his plan for progression as Wilson's new Freedom. This passed in congress at the end of 1913, it included reforms on tariffs, banking, and labor. |
| what is the significance of the election of 1912 | Wilson was the democrat and Taft and Roosevelt were the republicans. Wilson won because rep vote was split |
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